[Spartans92]

So starting my own business has always been a dream. Ive always wanted to go into the food business. Recently, I thought about starting my own small bakery shop. Obviously I plan on doing this after I finish my exams plus scouting locations and stuff takes time. But I dont know if this is a good idea??

Maybe if things go as plan I can operate only at night around 6-11pm after my “normal job” since I dont know if theres going to be business so might as well have a back up and not quit my job if things dont go as plan.. given bakery dont cost too much to start. But if business go well I can hire someone during the day and work after my full time job.

IDK. this may sound like a stupid idea but I dont plan on staying in public long but at the same time I dont wanna quit a good paying job. Any suggestions are appreciated. Thanks

I just feel my passion is more towards food.. I can still utilize my accounting skills haha.

BEC - 76
REG- 67, 85
AUD-63, 74, 80!!
FAR-65, 62, 57, 79

3 down 1 more to go. BEC is on the Line 🙁

BEC- PASS

[Anonymous]

That sounds fun, but starting any business can be very time consuming and demanding.

If you plan on working in public accounting, I would say don't count on running a successful business. Especially if you haven't completed the CPA exam yet (Good luck on your last part btw 🙂 )

But in the meantime while you are working a full-time accounting job and completing the CPA exam, you could do things like join clubs and organizations where you can network and meet other people in the food industry. This way you can gain recognition and you might even have clients while working in public that are in the restaurant or bakery business so it can help you understand how to run your own business down the road.

I enjoy entrepreneurship and startups, but it would be a burden to start a business like that while working full-time in public accounting in my opinion.

[Trele6]

The food industry is very difficult to make a profit in. What is the stat that is thrown out all the time, 9 out of 10 restaurants fail? Granted you are not opening a true restaurant per se, but still in the same industry. I wish you success however I hope you are fully aware of what you are getting yourself into also.

https://www.quora.com/What-is-the-actual-success-rate-of-restaurant-startups

Why Do 90% of Restaurants Fail in the First Year

https://www.forbes.com/sites/neilpatel/2015/01/16/90-of-startups-will-fail-heres-what-you-need-to-know-about-the-10/#2def8d1b6679

B - 80 Jun16
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R - 87 Nov15
F - 79 Apr16
Ethics - 98 Nov16
Licensed in New Mexico Dec16

First go at the CPA! Only using Becker
Reg / Nov 2015 - 87
Far / Apr 2016 - 79
Bec / May 2016 - 80
Aud / Aug 2016

[Mike J]

I echo the advice given above. Restaurants can be very tough. Inventory, licenses, and labor costs are killers.

I'm not sure where you live. But, in Brooklyn there is something called Smorgasburg. It's sort of an incubator for restaurantaurs. You have to go through a vetting process (I'm not affiliated in any way with them other than as a customer). BUT a good number of vendors have gotten their brick-and-mortars after seeing if they have the basic chips to run a smaller-scale food business.

In short, maybe you can start out as a food truck or in the catering business. Then once you have a better feel of what it actually takes, including expenses, Branch out.

Afterall, it's been my understanding that other professionals (doctors, lawyers, athletes, etc) invest in these types of businesses to offset other sources of income. If they see a profit, all the better.

That's my Unsolicited advice.

And yes, I would do this AFTER passing the CPA exam.

I don't mean to be a jerk. If you're passionate about it then pursue it. Of course!

But, like I said, that has been my observations.

Best of luck to you, whatever you do.

AUD - 90
BEC - 79
FAR - 77
REG - 77

They don't trust JUST ANYBODY to count beans

[Jay]

I would looking into a food truck. After the exam is done plan your weekends around events you can take your truck too.

AUD - 78
BEC - 77
FAR - 76
REG - 82

All the sleepless nights were worth it.

Giving up is not an option.

REG 82
FAR 76
Aud 8/31/2016
BEC 11/30/2016

[Spartans92]

Thanks guys for the advice. I live in Michigan and I have thought about food truck but honestly I haven't seen that many food trucks around here. I may look more into it after I pass these exams. Thanks again!

BEC - 76
REG- 67, 85
AUD-63, 74, 80!!
FAR-65, 62, 57, 79

3 down 1 more to go. BEC is on the Line 🙁

BEC- PASS

[jbergmann1]

I wouldn't do a food truck in Michigan. It is too cold most of the year. Good luck though.

TX CPA

Passed all 4 parts of the CPA exam!
License application in progress

[SaveBandit]

Nope. The smartest people are the ones who start their own businesses and make it work. Working for the man is baloney. Best of luck.

AUD - 94
BEC - 86
FAR - 85
REG - 90

If you pray enough, you can turn yourself into a cat person.

4 for 4

FAR 85
AUD 94
BEC 86
REG 90

[Missy]

I'm a firm believer in following your heart instead of the most lucrative career path but I don't think operating a baking business at night is realistic. Most bakeries at least around here do the bulk of their transactions in the morning (coffee and pastries) and take custom orders throughout the day. It would be much harder if you're telling customers you can only communicate back to them after 6pm.

Old timer,  A71'er since 2010.

Finance manager/HR manager

 

 

Licensed Massachusetts Non Reporting CPA since 2012
Finance/Admin/HR Manager

[Namstut]

Watch a couple of episodes of the Shark Tank. You will realize that if you want to start a business and succeed you need to be 100% invested mentally, physically and financially. It could be hard to do with a full time job so good luck!

When the going gets tough, the tough get going.

All Done!!!

AUD 7/6/16 Passed
BEC 9/3/16
FAR TBD
REG TBD

[Author]

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